ACCESS Newswire
25 Jan 2023, 04:01 GMT+10
NEW YORK, NY / ACCESSWIRE / January 24, 2023 / Pomerantz LLP is investigating claims on behalf of investors of Full Truck Alliance Co. Ltd. ('Full Truck' or the 'Company') (NYSE:YMM). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Full Truck and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On January 24, 2023, J Capital Research ('J Capital') published a report on Full Truck asserting that the Company 'has the hallmarks of notorious Chinese round-tripping schemes,' opining that its 'transactions might be overstated by 6-10x.' Among other allegations, J Capital stated that '[f]ormer salespeople have told us they set up shell companies to churn bank loans back and forth. These boomerang transactions would create the appearance of rising transaction volumes.' that Full Truck's 'reported revenue and transaction volumes don't line up with tax payments, commission revenue, or basic logic' and that the Company's 'acquisitions look highly suspicious.'
On this news, Full Truck's American Depositary Receipt ('ADR') price fell $0.57 per ADR, or 6.16%, to close at $8.68 per ADR on January 24, 2023.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Contact:
Robert S. Willoughby
Pomerantz LLP
888-476-6529, ext. 7980
[email protected]
SOURCE: Pomerantz LLP
Get a daily dose of Salt Lake City Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Salt Lake City Sun.
More InformationVancouver, Canada: A high-stakes legal showdown is brewing in the world of athleisure. Lululemon, the Canadian brand known for its...
LONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...
NEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...
WASHINGTON, D.C.: On Friday, President Donald Trump announced that he was halting trade discussions with Canada due to its decision...
LONDON, U.K.: A little-known investment fund based in the United Arab Emirates has emerged as the most prominent public backer of U.S....
SAN FRANCISCO, California: Across the U.S., a growing number of people are taking obesity treatment into their own hands — literally....
NEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...
DOVER, Delaware: California Governor Gavin Newsom has taken legal aim at Fox News, accusing the network of deliberately distorting...
WASHINGTON, D.C.: On Friday, President Donald Trump announced that he was halting trade discussions with Canada due to its decision...
TORONTO, Canada: Harvard University and the University of Toronto have created a backup plan to ensure Harvard graduate students continue...
SAN FRANCISCO, California: Across the U.S., a growing number of people are taking obesity treatment into their own hands — literally....
SAN FRANCISCO, California: Under pressure from European regulators, Apple has revamped its App Store policies in the EU, introducing...